Styrene Monomer Weekly Report 18 September 2020
Weekly Price Trend: 14-09-2020 to 18-09-2020
- If we take a quick look at the above given weekly prices, it can be observed that there has been rise in domestic prices throughout this week.
- On Friday domestic values were assessed around Rs.60/Kg for bulk quantity at Kandla and for Mumbai ports of India by end of the week. Prices increased by Rs.5/Kg for this week.
Booking Price
INDIA & INTERNATIONAL
- The domestic prices of Styrene were assessed at the level of Rs.60/Kg for Kandla and for Mumbai ports. Domestic prices increased heavily for this week.
- FOB Korea values for SM were assessed at the level of USD 670/MT for this week. While CFR China prices were assessed at the level of USD 690/MT for this week.
- FOB Korea values for Benzene were assessed around USD 419/MT for this week. There has been increment of USD 5/MT for this week. CFR China prices were assessed at the level of USD 433/MT for this week.
- The global market is feeling the heat of pandemic and exports across the nations has dropped significantly. Singapore the energy hub in the South Asian region has witnessed the decline in exports by 16.4%.
- To India’s woes the geopolitical tension with China has been hitting hard the country imports and has affected the further demand in the country.
- Rising corona cases post 4th Lockdown has affected each and every sector of the society. The country has been next two Brazil and the numbers are increasing with each passing day. The new normal is but difficult for the whole society.
- Crude values have been observed on surging trend. Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit.
- On Thursday closing, there was heavy rise in crude prices. WTI on NYME closed at $40.97/bbl. Prices increased by 0.88/bbl in compared to last closing prices. While Brent on Inter Continental Exchange has reduced by $1.08/bbl in compare to last closing price and was assessed around $43.30/bbl.
$1 = Rs. 73.44
Import Custom Ex. Rate USD/ INR: 74.60
Export Custom Ex. Rate USD/ INR: 72.90
